"In the third quarter, we continue to achieve good profitability, strong cash generation and continued progress on our revenue initiatives," said Sherilyn King, President and CEO of Yellow Pages Limited.
King commented on the key developments:
Solid quarterly earnings. "Our Adjusted EBITDA2 for the quarter was 20.6% of revenue."
Healthy cash balance. "Our cash on hand at the end of October stood at approximately $59 million."
Continued progress on revenue initiatives. "We continue to see encouraging progress on key revenue drivers including the stabilized rate of the customer count decline, supported by new customer acquisitions, solid renewal rates and strong average spend per customer. Our new executive leadership team was appointed during the quarter to strengthen strategic execution. These fundamentals position us well for continued success in the medium and long term."
Progress toward revenue stability. "We reported a total revenue decline of 8.1% for the quarter. Our print revenues were impacted by Canada Post's labour disruption but by swiftly mobilizing alternate suppliers to distribute our print directories during the strike, the impact was limited to approximately $0.5 million of print revenues which will be recognized in our fourth quarter results. Had the deferred print revenues been recognized in the period, the total revenue decline would have been 7.3%, a modest improvement compared to the decline rate of 7.4% reported last quarter."
Pension plan contribution. "During the third quarter, we completed the $2.0 million voluntary contribution to the defined benefit pension plan as approved by the Board on August 5, 2025. This aligns with the announcement made on May 21, 2025, following the annuity purchase, in which the Company indicated its intention to voluntarily contribute an additional $4.0 million to the remaining defined benefit pension plan by the end of June 2026, subject to Board review."
Quarterly dividend declared. "Our Board has declared a dividend of $0.25 per common share, to be paid on December 15, 2025 to shareholders of record as of November 26, 2025."
Financial Highlights
(In thousands of Canadian dollars, except percentage information and per share information)
Yellow Pages Limited
For the three-month periodsended September 30,
For the nine-month periodsended September 30,
2025
2024
2025
2024
Revenues
$48,342
$52,619
$150,832
$163,428
Adjusted EBITDA2
$9,977
$12,526
$32,546
$42,593
Adjusted EBITDA margin2
20.6 %
23.8 %
21.6 %
26.1 %
Income before income taxes
$5,517
$8,586
$14,365
$30,358
Net income
$4,046
$6,269
$10,552
$22,290
Basic income per share
$0.30
$0.46
$0.78
$1.64
Diluted income per share
$0.29
$0.46
$0.76
$1.62
CAPEX2
$384
$310
1,173
$1,995
Adjusted EBITDA less CAPEX2
$9,593
$12,216
$31,373
$40,598
Adjusted EBITDA less CAPEX margin2
19.8 %
23.2 %
20.8 %
24.8 %
